So there we have it - enough to say the people who led us to Brexit must now justify the economic and social impact that we were promised....

From the £350m more to spend on he NHS to the glorious economic reformation of the UK economy

Lets see over the coming months and years what will happen - given that the people who voted out will be expecting economic and social benefits of that process...

Pensions: There are 6000 DB schemes, 5000 of which have a current deficit of £360bn short of being able to meet their pension promises - today the stock market fell - that means those deficits increased - these are a real structural issue for the UK economy because as Tata and BHS demonstrate this monetary gap can bring down a company or make it impossible to sell....

DC pots - where most people are saving on an individual unit basis are all ready proving that they will not deliver enough to live out the last years of your life in a comfortable way - it takes £30 of assets to deliver £1 of cash -the average pot is £35k....and today they will have been hit even more

“UK voters have opted for Brexit. If fully followed through, this will be an act of economic self-harm with global ramifications,” said Samuel Tombs, chief UK economist at the consultancy Pantheon Macroeconomics.

On stock markets, which had rallied in the run-up to the vote on misplaced optimism about a victory for remain, there were sharp falls. Banking shares were left nursing losses not seen since the collapse of US investment bank Lehman Brothers in the financial crisis of 2008.

The global stock market rout was costly for the UK’s 15 richest individuals, who between them lost £4bn during the day, according to news organisation Bloomberg’s billionaire index. Britain’s richest person, Gerald Grosvenor, the Duke of Westminster, led the decline with a loss of £727m, followed by Topshop owner Philip Green, fellow land baron Earl Cadogan, and Bruno Schroder of money manager Schroders.

What are the political and social implications of an economy on the slide?

Nth Kent Eagle

24-06-2016 08:38 PM

The rich will be fine. The Jeremy Kyle brigade will get their handouts. Those in the middle will face the consequences. Obvious,

biggus mickus

24-06-2016 08:48 PM

Quote:

Originally Posted by Nth Kent Eagle
(Post 13068830)

The rich will be fine. The Jeremy Kyle brigade will get their handouts. Those in the middle will face the consequences. Obvious,

Oh I hope so.

cdm61

24-06-2016 08:56 PM

Banking and financial services one of the supposed success stories of the UK is already under going change as a result of Brexit

Sources within Morgan Stanley have told the BBC that the bank is stepping up a process that could see up to 2,000 of its London-based investment banking staff being relocated to Dublin or Frankfurt.

The US bank, which established a task force looking into any staff relocations, will not be waiting for Article 50 that triggers the formal process of a country quitting the EU.

The jobs that could be moved from the UK would be in euro clearing, as well as other investment banking functions and senior management.

The bank needs to use the passporting system, which allows banks to offer financial services in all EU countries without having to establish a permenant base in that member state.

The president of Morgan, Stanley Colm Kelleher, told Bloomberg two days ago that Brexit would be “the most consequential thing that we’ve ever seen since the war”.

Morgan Stanley today denied reports that it had begun the process of relocation: “The UK’s vote to leave the European Union is a very significant decision which will have a considerable impact, the extent of which will not be known for some time. There will be at least a period of two years before an actual exit takes place, so there will be time to implement any changes required to adjust our business to the new environment.

"Morgan Stanley will continue to monitor developments very closely and will adapt accordingly while prioritising the interests of our clients, our shareholders and our employees.”

swissroll

24-06-2016 08:58 PM

You need to add on immigration, big reduction, return of those already in etc

Adlerhorst

24-06-2016 08:58 PM

I am sure Richard promised me that banks would only move euro clearing types and not anyone else at all whatsoever.

That didn't last long

Unique Weasel

24-06-2016 10:22 PM

So the richest 15 people lost £4 billion between them because of the stock market dropping. Ill cry myself to sleep tonight, those poor billionaires how will they feed themselves.

Well as you can probably tell i am not one of those 15 people, I like many other "young" people am struggling financially, and as I went to Ingram Boys High school for the Criminally Insane I also do not have a very good education.

I don't know about economics as I don't have any money, I don't know about pensions as I don't have a pension, I don't know about shares as I don't have shares.

All I know is that the current system is not working for me and many of my friends and family. This was the only way I could make a change to my country, I don't know if this will be a good change, but for someone like me who has no money, no job, no hope of moving out on my own then leaving the EU cant make my life much worse.

And as for those of you who are now financially worse off boo (insert expletive here) hoo, see that worried feeling in the pit of your stomach that your feeling right now because you are now only worth x amount where as yesterday you had more, well that is the feeling that %52 of the country has every day of their lives.

Thats why I voted out thats why most of my friends voted out thats why my family all voted out (apart from that racist uncle we all have).

And as for the economic implication, I don't care about rich people making money all I care about are the poor people struggling day to day.

The Banks can suck my male chicken.

cdm61

24-06-2016 10:41 PM

What will you do if it gets worse for you and your generation?

Unique Weasel

24-06-2016 10:48 PM

Cant get much worse. And that's the thing, I have hope that this country can be a world power again but we need to start our manufacturing industry again providing much needed jobs, we also need to build affordable housing etc.

It wont be easy we will have to work hard without Europe, but this country has shown that they can rally to achieve a goal.

I still have hope this country can be Great again, but at the moment there is too much inequality between the rich and poor, the big companies have too much power over us and the government.

We must remember we control our own destiny now and are not being dictated to by the EU bureaucrats, we can decide how to run our own country again without all the red tape, surely this is a good thing, maybe not financially in the short term we have to start thinking long term.

I would like to thank spellcheck as without it this post would not have been possible.

dim

24-06-2016 10:51 PM

Salad_Burnet

24-06-2016 10:59 PM

The economic thing is going to be awful. But that's hardly the point.

I just hope the tipping point hasn't been reached and we don't continue to be treated like a door-mat by our own politicians and do-gooding media and twatter types, calling anyone who opposes cheap, qualified labour from abroad a raaacist. Labour deficiency isn't a crisis, it's an opportunity. And cheap, part-time labour for our young people is cheaper than giving them direct grants, and it's most certainly cheaper than giving it to foreigners expecting housing benefits on top from the state for doing the same.

Basically, we need to go back to how things were in 1998.

Kipungu

24-06-2016 11:03 PM

Quote:

Originally Posted by Unique Weasel
(Post 13069030)

So the richest 15 people lost £4 billion between them because of the stock market dropping. Ill cry myself to sleep tonight, those poor billionaires how will they feed themselves.

Well as you can probably tell i am not one of those 15 people, I like many other "young" people am struggling financially, and as I went to Ingram Boys High school for the Criminally Insane I also do not have a very good education.

I don't know about economics as I don't have any money, I don't know about pensions as I don't have a pension, I don't know about shares as I don't have shares.

All I know is that the current system is not working for me and many of my friends and family. This was the only way I could make a change to my country, I don't know if this will be a good change, but for someone like me who has no money, no job, no hope of moving out on my own then leaving the EU cant make my life much worse.

And as for those of you who are now financially worse off boo (insert expletive here) hoo, see that worried feeling in the pit of your stomach that your feeling right now because you are now only worth x amount where as yesterday you had more, well that is the feeling that %52 of the country has every day of their lives.

Thats why I voted out thats why most of my friends voted out thats why my family all voted out (apart from that racist uncle we all have).

And as for the economic implication, I don't care about rich people making money all I care about are the poor people struggling day to day.

The Banks can suck my male chicken.

I'm not rich. Not from a rich family. Wasn't privately educated. Don't own a home. Won't be getting a home anytime soon because I simply can't afford one. Don't have any savings. Have student debt.

But I work hard and am getting somewhere, slowly. The leave vote just made that path all that more difficult. For me and my siblings.

To get at those few at the top, you were happy to hamstring people not that much better off than you. You've admitted ignorance to a whole host of things, yet lay the blame of your fortunes at the feet of the EU. What exactly has the EU done to put you in your situation?

I hate that I sound like a Conservative.

Salad_Burnet

24-06-2016 11:04 PM

Quote:

Originally Posted by Unique Weasel
(Post 13069030)

So the richest 15 people lost £4 billion between them because of the stock market dropping. Ill cry myself to sleep tonight, those poor billionaires how will they feed themselves.

Well as you can probably tell i am not one of those 15 people, I like many other "young" people am struggling financially, and as I went to Ingram Boys High school for the Criminally Insane I also do not have a very good education.

I don't know about economics as I don't have any money, I don't know about pensions as I don't have a pension, I don't know about shares as I don't have shares.

All I know is that the current system is not working for me and many of my friends and family. This was the only way I could make a change to my country, I don't know if this will be a good change, but for someone like me who has no money, no job, no hope of moving out on my own then leaving the EU cant make my life much worse.

And as for those of you who are now financially worse off boo (insert expletive here) hoo, see that worried feeling in the pit of your stomach that your feeling right now because you are now only worth x amount where as yesterday you had more, well that is the feeling that %52 of the country has every day of their lives.

Thats why I voted out thats why most of my friends voted out thats why my family all voted out (apart from that racist uncle we all have).

And as for the economic implication, I don't care about rich people making money all I care about are the poor people struggling day to day.

The Banks can suck my male chicken.

I wouldn't write yourself off. Your written English is very good. There were a few (repeated) rhetorical devices used in your post. Maybe you could work on a market stall or in sales?

Kipungu

24-06-2016 11:04 PM

Quote:

Originally Posted by Unique Weasel
(Post 13069057)

Cant get much worse. And that's the thing, I have hope that this country can be a world power again but we need to start our manufacturing industry again providing much needed jobs, we also need to build affordable housing etc.

It wont be easy we will have to work hard without Europe, but this country has shown that they can rally to achieve a goal.

I still have hope this country can be Great again, but at the moment there is too much inequality between the rich and poor, the big companies have too much power over us and the government.

We must remember we control our own destiny now and are not being dictated to by the EU bureaucrats, we can decide how to run our own country again without all the red tape, surely this is a good thing, maybe not financially in the short term we have to start thinking long term.

I would like to thank spellcheck as without it this post would not have been possible.

The things you hope for could have been done whilst being part of the EU. Our governments chose not to.

Salad_Burnet

24-06-2016 11:06 PM

Quote:

Originally Posted by Kipungu
(Post 13069071)

I'm not rich. Not from a rich family. Wasn't privately educated. Don't own a home. Won't be getting a home anytime soon because I simply can't afford one. Don't have any savings. Have student debt.

But I work hard and am getting somewhere, slowly. The leave vote just made that path all that more difficult. For me and my siblings.

To get at those few at the top, you were happy to hamstring people not that much better off than you. You've admitted ignorance to a whole host of things, yet lay the blame of your fortunes at the feet of the EU. What exactly has the EU done to put you in your situation?

I received no answer and I'm still ignorant of really how being outside the EU will effect the UK's biggest export - financial services.
In a worse case scenario, exported financial services could be majorly reduced.

I received no answer and I'm still ignorant of really how being outside the EU will effect the UK's biggest export - financial services.
In a worse case scenario, exported financial services could be majorly reduced.

That's why they build such big buildings. Stand your ground and don't cow to them. Yes convenience is nice, but don't let them use convenience to blackmail you. At the end of the day, they like London, and they like speaking English. It'll be fine.

CT_Palace

24-06-2016 11:15 PM

Quote:

Originally Posted by Salad_Burnet
(Post 13069090)

That's why they build such big buildings. Stand your ground and don't cow to them. Yes convenience is nice, but don't let them use convenience to blackmail you. At the end of the day, they like London, and they like speaking English. It'll be fine.

They also like their profits. A few hefty EU grants supporting a move to Frankfurt or if speaking English is as important as you assume, Dublin, and they'll be off.

Unique Weasel

24-06-2016 11:31 PM

Quote:

Originally Posted by Kipungu
(Post 13069071)

I'm not rich. Not from a rich family. Wasn't privately educated. Don't own a home. Won't be getting a home anytime soon because I simply can't afford one. Don't have any savings. Have student debt.

But I work hard and am getting somewhere, slowly. The leave vote just made that path all that more difficult. For me and my siblings.

To get at those few at the top, you were happy to hamstring people not that much better off than you. You've admitted ignorance to a whole host of things, yet lay the blame of your fortunes at the feet of the EU. What exactly has the EU done to put you in your situation?

I hate that I sound like a Conservative.

Sounds like I am from a similar background to you, and am in a similar situation, I don't wish hardship on anyone apart from the big corporations and banks who I think have screwed over all of us well off and poor (I hope you at least agree on this point). I did not realize the immediate effect of leaving the EU.

Sorry if my vote today has reduced your living situation that wasn't my intention with my vote. But I truly believe that although we wont be in the EU in the near future not too much will change the Pound will bounce back everyone is panicking unnecessarily at the moment.